How to apply for a Pillar 2 pension?

What is a Pillar 2 pension?

Old age pension savings are savings under Pillar 2, which is intended, along with old age t insurance from the Social Insurance Agency (Pillar 1), to provide income to the saver in old age and survivors in the event of death.

The following old age pension savings are paid:

  • Old age Pension

    The condition for receiving an old age pension is reaching pensionable age.

  • Early old age pension

    The conditions for receiving an early old age pension are:

    • the entitlement of a saver to receive an early old age pension under Pillar 1; or
    • the sum of the amounts of the early old age pension under Pillar 1 and the early old age annuity under Pillar 2 at the date when the payment started is more than 1.6 times the amount of the subsistence minimum for one adult person.

  • Survivor’s Pension

    • a widow’s or widower’s pension;
    • an orphan’s pension.
  • Return on Investment

Am I entitled to a Pillar 2 pension?

You will be entitled to a Pillar 2 old age pension from the first day of the calendar month in which you reach pensionable age. You may receive an early old age pension at the earliest two years before reaching pensionable age. The condition for receiving an early old age pension under Pillar 2 is that the early old age pension under Pillar 1 or, in total with an early old age pension under Pillar II, is more than 1.6 times the subsistence minimum.

USEFUL TIP:

To find out your pensionable age use the Pensionable Age Table (SK).

How do I apply for a Pillar 2 pension?

Where and how do I apply for a Pillar 2 pension?

You can apply for an old age pension and early old age pension under Pillar 2 at the local branch of the Social Insurance Agency or the Pension Management Company (PMC) where you have your pension savings contract.

If you want to apply for an early old age pension under Pillar 2 and you do not yet receive an early old age pension under Pillar 1, you can only apply for that pension at the Social Insurance Agency.

After submitting the application, the pension management company where you have an old age pension savings contract will issue a certificate attesting the amount of savings in your personal pension account.

The Social Insurance Agency will send you an offer letter with the offers of individual pensions the day after the certificate is issued. You determine how the offer letter is sent in the pension application (in paper or electronic form).

The offers are valid for 30 calendar days from the day of issue and the validity is indicated in the offer letter. If you select one of the offers, contact the relevant insurance company or Pension Management Company. Contact details can be found in the offer letter.

If you do not choose any of the offers submitted during their period of validity, you can apply for a pension free-of-charge at any later time.

Branches and opening hours can be found at: Social Insurance Agency Branches.

To find contacts when you need to check on the status of your particular case, you can do the following: Information and Advisory Centre.

An applicant for a Pillar 2 pension or a Pillar 2 pensioner may use the services of the Offer Central Information System (OCIS) (SK).

How do I book the time for making the pension application?

  • We recommend that you book the time for making your application approximately one month before reaching retirement age.
  • You can book a time in the Reservation System. There you can select a specific branch (office) based on your place of permanent residence. The Reservation System will offer you a precise date and time that is convenient for you.
  • Once you have booked a time in the Reservation System, you will receive information about the confirmation of the time, as well as documents required for making the application, contact details for the branch employee who will make the application with you and whom you can contact in case of queries.

Book your time for making the application through the Pension Application Reservation System (SK).

Application for a Pillar 2 pension and what follows

1

The saver submits the pension application

at a branch of the Social Insurance Agency (SIA) or the PMC where they save.

2

They can track the application status in the Offer Central Information System (OCIS)

after logging in to the eServices (SK) Social Insurance Agency.

3

The PMC issues a certificate

of the saved contributions.

4

The SIA sends the certificate to life insurance companies (LIC)

so they submit their pension offers.

5

The SIA sends an offer letter to the saver

containing the pension offers of the individual LIC and PMC (the validity of the offer is 30 days and the amount saved is not valorised at that time).

 

 

The saver CHOOSES from the pension offer

The saver contacts the LIC or PMC

whose offer they have chosen.

The saver signs a pension insurance contract (at the LIC) or a pension payment agreement (at the PMC)

The contract comes into effect from the first day of the following calendar month.

Pensions are paid monthly in arrears

(e.g. with a contract effective from 1 February, the pension for February will be paid in March).

The saver does NOT CHOOSE from the pensions offer

The saver applies for a pension at any time later

and then starts the process again by submitting an application.

For more information, please see PENSION INSURANCE – PENSION UNDER PILLAR 2 (SK).